Types of Home Insurance Policies
There are different home insurance policies offered by the insurance companies in the US. Some of the popular forms of home insurance include Homeowners-1 Policy, Homeowners-2 Policy and Homeowners-3 Policy. The details of some of the popular homeowners policies have been mentioned below. Different Home Insurance Policies on offer
HO 1 or the Homeowners-1 Policy: It is also known as the Basic Policy and offers home insurance coverage in the event of theft and burglary, damage caused by any vehicle or aircraft, hail and windstorm, fire, smoke damage, lightning and insures personal property.
HO 2 or the Homeowners-2 Policy: It is also known as the Broad Form Policy. It insures everything listed under the HO 1 and includes protection against other calamities. This includes damage caused by snow and sleet, weight of ice, water from plumbing systems and falling objects.
HO 3 or the Homeowners-3 Policy: It is also known as the Special Form Policy. It is the most popular form of home insurance policy, with more and more people opting for it. It provides coverage against loss of personal belongings. However, it does not include perils like earthquake and floods.
HO 5 or the Homeowners-5 Policy: Often referred to as the Comprehensive Form Policy, it provides coverage against all kinds of loss.
What information do you need to provide when buying home insurance?
Some of the information that your home insurance provider will ask for includes:
- The dimensions of your home
- Photographs of your home
- Description of your home
- Details about security devices installed in your home, if any
- Distance of your house from the fire department
Companies that provide home insurance policies
- Allstate Insurance Group
- Nationwide Group
- American Family Insurance Group
- Zürich Insurance Group
- Allstate Corporation
- State Farm
- Farmers Insurance
So, to enjoy life after retirement without having to bother about the safety of your home: buy home insurance.